The National Commercial Bank, or NCB, concluded the final phases of a merger deal with Riyadh-based Samba Financial Group on Jan. 6, 2022, to form the Saudi National Bank.
With assets exceeding 900 billion riyals ($240 billion) and capital amounting to 44 billion riyals ($11.7 billion), the new entity is believed to be the Kingdom’s largest bank.
SNB concluded the last phase of the transaction in a record time, within nine months since the process started on April 1, 2021.
The bank has opened more than 1.4 million new accounts for individual customers, which is 100 percent of the total individual customers.
As for corporate customers, the bank opened accounts for more than 11,000 customers, making up 100 percent of small and midsized corporate customers.
It also completed opening and activating 100 percent of the large corporate customer accounts.
Moreover, SNB completed the procedures for migrating the treasury sector, NCB Capital, Samba Capital, and other administrative sectors and branches.
SNB Chairman Ammar AlKhudairy stated that reaching the finish line of the merger agenda paves the way for a new stage of work and a promising future for the Saudi banking industry.
He added that the new entity - backed by a market share of 31 percent and its real wealth of 12,000 employees in Saudi Arabia and more than 4,000 employees in its subsidiaries - will support social prosperity and economic transformation in Saudi Arabia.
It will also contribute to empowering citizens and national businesses and enhancing their growth opportunities, in line with the objectives of Saudi Vision 2030, according to AlKhudairy.
Saeed bin Mohammed AlGhamdi, managing director and Group CEO of SNB, said that the merger – with its many phases, milestones, and complex requirements – wouldn’t have taken place with such excellence, accuracy, speed, and flexibility had it not been for the unique cooperation of all parties, including shareholders, executive, administrative, technical and logistical teams, as well as the positive engagement of the Bank’s customers and their responsiveness to the Bank’s directives and instructions.
